House price fall in world's worst
IRISH house prices plummeted at almost the fastest rate in the world last year, new research has revealed.
Ireland was placed in 48th position in a rating of house growth across 50 countries for last year, with prices dropping by 11.9pc.
Russian houses plummeted by as much as 13.7pc in the same period while Malta was also above Ireland's fall at 14.1pc.
Meanwhile, one of the fastest growing economies in the Dubai house prices fell by 8.2pc for the year, according to the survey by Knight Frank.
Asia remains the top-performing continent with a recorded 8.4pc growth over the last 12 months, but even this figure is a significant fall from 17.8pc a year earlier.
Head of residential at Knight Frank, Liam Bailey, said that at first glance at the results table, it would suggest it's business as usual, with Asian countries firmly implanted at the top of the table and both Europe and North America languishing behind.
"But there are a few less predictable results," he said.
"In most of these cases, with the notable exception of Germany, the housing market is reflecting the wider economy's performance as well as responding to domestic policy decisions."
France has jumped to sixth place in the rankings, up from 30th a year earlier, while Sweden and Germany, by comparison, have experienced several quarters of positive growth only to fall back in quarter one 2011.